GM Chevy Bolt EV, EUV 2023 Prices Slightly Increase: Here’s How Much

Teejay Boris, Tech Times 04 January 2023, 04:01 am

General Motors' (GM's) Chevy Bolt electric vehicle (EV) and electric utility vehicle (EUV) are getting price increases due to production costs hike.

However, the price bump seems to be lower than expected. In fact, the increase is surprisingly less than $1,000.

(Photo : Alex Wong/Getty Images)
LAS VEGAS, NV - JANUARY 06: Its name is seen on body of the new Chevy Bolt EV, an electric car with a battery range of 200 miles, priced at $30,000, and will be in production this year, after a keynote address at CES 2016 at the Westgate Las Vegas Resort & Casino on January 6, 2016 in Las Vegas, Nevada.

GM Chevy Bolt EV and EUV 2023 Prices Slightly Increase

As per the latest report by Electrek, GM announced that it is increasing the prices of the 2023 Chevy Bolt EV and EUV as we welcome the new year.

The online news outlet notes in its report that the hike is much lower than the typical price increase across other EV makers.

The latest price increase comes months after the giant automaker massively dropped the Bolt pricing to the tune of $6,000. And it turns out the hike is small compared to how much it decreased in the middle of last year.

The price increase is less than a thousand dollars, roughly ranging from $900 to $600.

To be more precise, the 2023 Chevy Bolt EV now carries a starting price of $26,500. It is roughly a $900 increase from its previous $25,600 pricing.

On the other hand, the Bolt EUV now starts at $27,800, no thanks to the slight $600 hike. So the EUV gets a smaller bump than its sibling.

Why Did GM Hike Bolt Prices?

According to a news story by Car and Driver, a representative from Chevy blames the production costs of Bolt EVs and EUVs.

(Photo : GEOFF ROBINS/AFP via Getty Images)
The Chevrolet Bolt drives onstage during a press conference at the 2017 North American International Auto Show in Detroit, Michigan, January 9, 2017.

The Chevy representative says the price bump is "due to ongoing industry-related pricing pressures." And as such, "the Chevy Bolt EV and EUV will see modest price increases starting in 2023."

But despite that, the American automaker remains optimistic that the Bolt is still "America's most affordable EV."

The representative further added that "Chevrolet remains committed in its long-standing role to provide true value. We expect to continue building the record sales momentum we saw in 2022."

Bolt EV and EUV Still Eligible for New Tax Credit

Given that the price hike for the Bolt EV and EUV was quite "modest," the two all-electric cars still qualify for the new EV tax credit.

The IRS imposes a price limit of $55,000 for EVs to be eligible for the $7,500 incentive, Car and Driver highlights.

With that, the Bolt, which still starts at less than the limit, qualifies for the new incentive.

So despite the slight increase this 2023, buyers could still get their hands on the Bolt EV and EUV for a more affordable price thanks to the new tax credit.